27322034 2025-01-01 2026-03-31 27322034 2025-01-01 2026-03-31 1 27322034 2024-01-01 2024-12-31 27322034 2025-01-01 2026-03-31 1 27322034 2025-01-01 2026-03-31 1 27322034 2025-01-01 2026-03-31 2 27322034 2025-01-01 2026-03-31 3 27322034 2025-01-01 2026-03-31 4 27322034 2023-01-01 2023-12-31 27322034 2022-01-01 2022-12-31 27322034 2021-01-01 2021-12-31 27322034 2023-12-31 27322034 2022-12-31 27322034 2021-12-31 27322034 2026-03-31 27322034 2024-12-31 27322034 2024-01-01 d:ContributedCapitalMember 27322034 2024-01-01 d:ReserveForDevelopmentExpenditureMember 27322034 2024-01-01 d:RetainedEarningsMember 27322034 2024-01-01 d:ProposedDividendRecognisedInEquityMember 27322034 2024-01-01 2024-12-31 d:ProposedDividendRecognisedInEquityMember 27322034 2024-01-01 2024-12-31 d:ReserveForDevelopmentExpenditureMember 27322034 2024-01-01 2024-12-31 d:RetainedEarningsMember 27322034 2024-12-31 d:ContributedCapitalMember 27322034 2024-12-31 d:ReserveForDevelopmentExpenditureMember 27322034 2024-12-31 d:RetainedEarningsMember 27322034 2024-12-31 d:ProposedDividendRecognisedInEquityMember 27322034 2025-01-01 2026-03-31 d:RetainedEarningsMember 27322034 2025-01-01 2026-03-31 d:ReserveForDevelopmentExpenditureMember 27322034 2026-03-31 d:ContributedCapitalMember 27322034 2026-03-31 d:ReserveForDevelopmentExpenditureMember 27322034 2026-03-31 d:RetainedEarningsMember 27322034 2026-03-31 d:ProposedDividendRecognisedInEquityMember 27322034 2025-01-01 d:CompletedDevelopmentProjectsMember 27322034 2025-01-01 d:AcquiredIntangibleAssetsMember 27322034 2025-01-01 d:GoodwillMember 27322034 2025-01-01 2026-03-31 d:CompletedDevelopmentProjectsMember 27322034 2025-01-01 2026-03-31 d:GoodwillMember 27322034 2026-03-31 d:CompletedDevelopmentProjectsMember 27322034 2026-03-31 d:AcquiredIntangibleAssetsMember 27322034 2026-03-31 d:GoodwillMember 27322034 2025-01-01 2026-03-31 d:LeaseholdImprovementsMember 27322034 2026-03-31 d:LeaseholdImprovementsMember 27322034 2026-03-31 1 27322034 2025-01-01 27322034 2024-01-01 iso4217:DKK xbrli:pure xbrli:shares Årsrapport 2026-09-30 Nicklas Skou Guldberg Revisionspåtegning Beierholm Regnskabsklasse C, mellemstor virksomhed 2026-09-30 Beierholm 2024-12-31 Langagervej 1 9220 Aalborg Ø Opinion Basis for Opinion 2024-01-01 1401 2025-01-01 9 2026-03-31 27322034 GoGift.com A/S 2860 København K Strandgade Søborg 4C København 32895468 Knud Højgaards Vej Danmark 0 We have on this day presented the annual report for the financial year 01.01.25 - 31.03.26 for GoGift.com A/S. The annual report is presented in accordance with the Danish Finan­cial Sta­te­ments Act. In our opinion, the financial statements give a true and fair view of the company's assets, liabilities and financial position as at 31.03.26 and of the results of the company's activities for the financial year 01.01.25 - 31.03.26. We believe that the management's review includes a fair review of the matters dealt with in the management's review. The annual report is submitted for adoption by the general meeting. Henrik Ravn Henrik Ravn Nicklas Skou Guldberg Joakim Sylvest Helm Anne Brandt Christensen To the shareholder of GoGift.com A/S In our opinion the fi­nan­cial sta­te­ments give a true and fair view of the company's finan­cial posi­tion at 31.03.26 and of the results of the company's ope­ra­tions for the finan­cial year 01.01.25 - 31.03.26 in ac­cor­dan­ce with the Danish Finan­cial Sta­te­ments Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s responsibilities for the audit of the fi­nan­cial sta­te­ments” section of our report. We are independent of the company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the mana­ge­ment’s review.Our opinion on the fi­nan­cial sta­te­ments does not cover the management’s review, and we do not express any form of assurance con­clu­sion thereon. In connection with our audit of the fi­nan­cial sta­te­ments, it is our responsibility is to read mana­gement’s review and, in doing so, con­sider whether management’s review is mate­rially in­con­sistent with the fi­nan­cial sta­te­ments or our know­ledge obtained during the audit, or other­wise appears to be mate­rially misstated.Moreover, it is our responsibility to consider whether management’s review provides the infor­mation required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the management’s review is in accordance with the fi­nan­cial sta­te­ments and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management’s review. Management is responsible for the pre­pa­ra­tion of fi­nan­cial sta­te­ments that give a true and fair view in ac­cor­dance with the Danish Finan­cial Sta­te­ments Act and for such in­ter­nal control as Mana­gement de­ter­mi­nes is necessary to enable the pre­pa­ra­tion of fi­nan­cial sta­te­ments that are free from material misstatement, whether due to fraud or error.In preparing the fi­nan­cial sta­te­ments, mana­ge­ment is responsible for assessing the company's ability to continue as a going concern, dis­closing, as applicable, mat­ters related to going con­cern and using the going concern basis of ac­counting in pre­paring the fi­nan­cial sta­te­ments unless mana­ge­ment either intends to liquidate the company or to cease operations, or has no rea­listic alternative but to do so. Our objectives are to obtain reasonable as­surance about whether the fi­nan­cial sta­te­ments as a whole are free from material mis­statement, whether due to fraud or error, and to issue an auditor’s report that inclu­des our opinion. Reasonable assurance is a high level of assurance, but is not a gua­ran­tee that an audit conducted in accor­dance with ISAs and the additional requirements applic­able in Denmark will always detect a material misstatement when it exists. Mis­sta­te­ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be ex­pec­ted to influence the economic decisions of users taken on the basis of these fi­nan­cial sta­te­ments.As part of an audit conducted in accordance with ISAs and the additional requirements applic­able in Denmark, we exercise pro­fes­sional judgment and maintain professional scepticism through­out the audit. We also: Identify and assess the risks of material misstatement of the fi­nan­cial sta­te­ments, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and ap­pro­priate to provide a basis for our opinion. The risk of not detecting a mate­rial misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, mis­repre­sen­tations, or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appro­priate in the cir­cum­stances, but not for the purpose of expres­sing an opinion on the effectiveness of the company's inter­nal control.Evaluate the appropriateness of accoun­ting policies used and the reason­able­ness of accounting estimates and related disclosures made by management.Conclude on the appropriateness of manage­ment’s use of the going concern basis of accoun­ting in preparing the fi­nan­cial sta­te­ments and, based on the audit evidence obtained, whether a mate­rial uncertainty exists related to events or conditions that may cast signi­ficant doubt on the company's ability to con­tinue as a going concern. If we con­clude that a material uncertainty exists, we are required to draw attention in our audi­tor’s report to the related disclosures in the fi­nan­cial sta­te­ments or, if such dis­closures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.Evaluate the overall presentation, structure and contents of the fi­nan­cial sta­te­ments, including the disclosures, and whether the fi­nan­cial sta­te­ments repre­sent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with gover­nance regarding, among other mat­ters, the planned scope and timing of the audit and significant audit findings, inclu­ding any significant deficiencies in internal control that we identify during our audit. Soeborg, Copenhagen Henrik Agner Hansen State Authorised Public Accountant mne28682 112343000 80325000 77297000 56304000 26179000 29001000 1434000 5516000 -1134000 45191000 24511000 21913000 451180000 468781000 597227000 2076000 0 0 0 0 79715000 59524000 49302000 29.1 64.9 45.0 57.1 56.1 17.1 17.7 12.7 8.3 Ratios definitionsReturn on equity:Profit/loss for the year x 100Average equitySolvency ratio:Equity, end of year x 100Total assets Key activitiesGoGift.com A/S's main activities comprise the development and operation of global gifting concepts, including The Global Gift Card Development in the year The financial year covers the 15-month period from 1 January 2025 to 31 March 2026. The extended reporting period reflects the acquisition of GoGift by Waterland Private Equity in February 2025 and the subsequent alignment of the financial year-end across GoGift.com A/S. Accordingly, comparative figures covering a 12-month period are not directly comparable.Management considers the financial year to have been a transition year, which has now been successfully completed. During the year, GoGift.com A/S completed its transition from being part of Nordisk Film and Egmont to operating as an independent business. Significant resources were devoted to establishing the organisational and operational foundations required to support future growth, while maintaining the international development of the business. Despite the considerable effort associated with the transition, GoGift.com A/S continued to grow the business, attract new customers and expand into new markets.During the period, GoGift.com A/S continued its international expansion, growing sales and strengthening its position in existing markets while developing commercial relationships to support further growth in new markets. In parallel, the company continued to invest in new gifting products and digital distribution capabilities, including further development of The Global Gift Card platform, to meet evolving customer needs and support future growth.As part of the acquisition of GoGift by Waterland Private Equity in February 2025, the intermediate acquisition company, Sell-Side MidCo ApS, was merged into GoGift.com A/S, effective 28. March 2025. As a result of the merger, goodwill of TDKK 339.581 arising from the acquisition was recognised in GoGift.com A/S's financial statements. Amortisation of this acquisition-related goodwill, amounting to TDKK 19,809 for the financial period, together with one-off transition and carve-out costs incurred in connection with the separation from Nordisk Film and Egmont, materially affected the net result for the period compared with GoGift.com A/S's underlying operating performance. Reference is made to the accounting policies for a further description of the recognition and amortisation of goodwill.The result for the year after tax is a profit of TDKK 2,704 compared with a profit of TDKK 22,468 in 2024. The result was affected by non-recurring transition-related costs and amortisation of acquisition-related goodwill following the merger of MidCo into GoGift.com A/S, as described above.The result was slightly below the expectations from last year, mainly due to the one-off transition-related costs and amortisation of acquisition-related goodwill following the merger of MidCo into GoGift.com A/S.The merger of Sell-Side MidCo ApS into GoGift.com A/S, the resulting recognition of acquisition-related goodwill of TDKK 339,581, the one-off transition and carve-out costs incurred in connection with the separation from Nordisk Film and Egmont, and the extension of the financial year to 15 months are considered unusual circumstances affecting the comparability, recognition and measurement of the company's results and financial position for the period.For information on uncertainties from recognition and measurement please refer to note 1.Financial positionGoGift.com A/S's financial position on 31 March 2026 is characterised by equity of TDKK 396,645 and cash and cash equivalents of TDKK 113,528. The acquisition financing established in connection with the change of ownership in February 2025 was raised at parent company level and is therefore not recognised in GoGift.com A/S's financial statements. OutlookManagement expects continued growth in revenue and profit during 2026/27. Profit before tax for 2026/27 is expected to be in the range of DKKM 10–20. The expectations are supported by further international expansion, increased adoption of The Global Gift Card, continued development of digital distribution channels and the strengthening of partner relationships.The expectations are subject to a few uncertainties, including the pace of international customer acquisition, foreign exchange rate developments, interest rate developments affecting the Group's financing costs, and the general macroeconomic environment. Should one or more of these factors develop less favourably than currently anticipated, the actual results may deviate from these expectations. Events after the balance sheet dateNo events have occurred after the balance sheet date that materially affect GoGift.com A/S's financial position as of 31 March 2026. Special risks - operating risks and financial risksGoGift.com A/S is exposed to commercial and operational risks typical of an international digital platform business, including market developments, IT and cybersecurity risks, and regulatory compliance. Management manages these risks through established governance structures, financial controls and continued investment in technology and control environment as the business expands internationally.Of the financial risks specified in the Danish Financial Statements Act, GoGift.com A/S is exposed to foreign exchange risk, as revenue and costs are generated in DKK, NOK, SEK, EUR, USD and GBP. The exposure is not hedged but is partly naturally offset. Management does not consider GoGift.com A/S to be exposed to other material price risks.Credit risk primarily relates to trade receivables and settlement balances and is managed through credit assessment and ongoing monitoring.Based on its liquidity position, cash-flow generation and available funding, Management considers GoGift.com A/S to have sufficient financial resources to support its ongoing operations and planned activities. Research and developmentGoGift.com A/S continues to invest in the development of its technology platform, digital gifting capabilities and operational infrastructure. Development activities during the period focused on enhancing scalability, functionality, integration capabilities, compliance processes and customer experience. Management considers continued investment in technology and platform development important to maintaining GoGift.com A/S's competitive position and supporting future international growth. 109868000 82273000 76452000 58577000 24051000 2959000 9365000 20737000 7010000 10053000 7435000 2152000 8940000 28638000 6236000 6170000 2704000 22468000 4156000 4493000 319772000 0 323928000 4493000 1836000 0 1836000 0 325764000 4493000 16263000 35869000 16263000 35869000 49982000 108925000 144559000 222187000 54900000 67899000 2511000 1186000 251952000 400197000 113528000 10519000 381743000 446585000 707507000 451078000 589000 589000 3242000 3504000 392814000 73098000 396645000 77191000 35242000 31413000 35242000 31413000 13889000 12236000 204707000 253030000 0 5308000 826000 9581000 4375000 10596000 51823000 51723000 275620000 342474000 275620000 342474000 707507000 451078000 Figures in DKK '000Contributed capitalReserve for development costsRetained earningsProposed dividend for the financial yearTotal equityStatement of changes in equity for 01.01.24 - 31.12.24Balance as at 01.01.245895,81348,32125,00079,723Dividend paid000-25,000-25,000Other changes in equity0-2,3092,30900Net profit/loss for the year0022,468022,468Balance as at 31.12.245893,50473,098077,191Statement of changes in equity for 01.01.25 - 31.03.26Balance as at 01.01.255893,50473,098077,191Extraordinary dividend paid00-17,2320-17,232Other changes in equity00333,9820333,982Transfers to/from other reserves0-26226200Net profit/loss for the year002,70402,704Balance as at 31.03.265893,242392,8140396,645Other changes in equity consist of excess values from applying the Group method on the merger between GoGift.com A/S and Sell-Side MidCo ApS described under the accounting policies in note 15 - "Change in composition of activities". 589000 5813000 48321000 25000000 -25000000 -2309000 2309000 22468000 589000 3504000 73098000 0 -17232000 333982000 -262000 262000 2704000 589000 3242000 392814000 0 1.Uncertainty concerning recognition and measurementIn the financial statements for the financial year 01.01.25 - 31.03.26, it is important to note the following uncertainty as regards recognition and measurement as it has had a significant influence on the assets and liabilities recognised in the financial statements:The Company's revenue, trade payables and deferred revenue is recognised based on historical data while also taking expected future development and trends on the redemption of gift cards into consideration. Consequently, the recognition of revenue, trade payables and deferred revenue, related to redemption of gift cards, is associated with uncertainty.The uncertainty particularly relates to new products, where limited historical redemption data naturally is available. In these cases, Management exercises judgement by applying both the acutal historical data on such products while also taking experience and redemption trends from similar products into account when estimating future patterns and the related accounting treatment. 69230000 53352000 5720000 4210000 1025000 720000 477000 295000 98 96 Remuneration for the management:Remuneration for the Executive Board and Board of Directors3,294 3294000 With reference to section 98b(3) no. 1 of the Dan­ish Fi­nan­cial Statements Act, re­mune­ration for the Executive Board and Board of Di­rectors are sum­marized for the period 01.01.25 - 31.03.26, as infor­ma­tion would other­wise lead to a­mounts be­ing shown for a single mem­ber of man­age­ment.With reference to section 98b(3) no. 2 of the Danish Fi­nan­cial State­ments Act, re­mune­ration for the manage­ment is not dis­closed for 2024, as infor­mation would other­wise lead to a­mounts being shown for a single mem­ber of manage­ment. 6937000 9196000 73000 857000 15000 125000 7420000 2027000 5410000 -3411000 17232000 0 -14528000 22468000 19523000 180000 0 3665000 339581000 23188000 180000 339581000 -15031000 -180000 0 -4001000 -19809000 -19032000 -180000 -19809000 4156000 0 319772000 Completed development projects relates to the gift card system. 8.Property, plant and equipmentFigures in DKK '000Leasehold improvementsAdditions during the year2,076Cost as at 31.03.262,076Depreciation during the year-240Depreciation and impairment losses as at 31.03.26-240Carrying amount as at 31.03.261,836 2076000 2076000 -240000 -240000 1836000 31.03.2631.12.24DKK '000DKK '0009.PrepaymentsOther prepayments2,5111,186Total2,5111,186 Share capital 589 589 11.Deferred taxDeferred tax as at 01.01.2531,41334,824Additions relating to mergers and acquisition of enterprises-1,5790Deferred tax recognised in the income statement5,408-3,411Deferred tax as at 31.03.2635,24231,413Deferred tax is distributed as below:Intangible assets269988Property, plant and equipment-1,833-2,475Liabilities37,25232,900Tax losses-4470Total35,24131,413 31413000 34824000 5408000 -3411000 31.03.2631.12.24DKK '000DKK '00012.Deferred incomeDeferred income comprise payments received regarding income in subsequent years. 13.Contingent liabilitiesGuarantee commitmentsThe company has provided a guarantee of DKK 981k to a supplier. Other contingent liabilitiesThe company is taxed jointly with the other Danish companies in the group and has joint, several and unlimited liability for income taxes and any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The total tax liability for the jointly taxed companies at the balance sheet date has not yet been determined. For further information, please see the financial statements of the management company StandbyCo XIV ApS. 14.Other commitmentsThe company has concluded lease agreements with terms to maturity of 3 - 29 months and total lease payments of DKK 5,099k. 15.Related partiesRelated party transactions are not disclosed, as all transactions are entered into in the ordinary course of business at arms’ length.Remuneration for the management is specified in note 2. Staff costs.The company is included in the consolidated finan­cial statements of the parent StandbyCo XIV ApS. The annual report is presen­ted in ac­cord­ance with the provisions of the Danish Fi­nan­cial Statements Act (Årsregn­skabs­lov­en) for medium-sized enterprises in re­port­ing class C with application of pro­vi­sions for a higher reporting class. Change in accounting policiesThe company has changed its accounting policies in the following areas:Change of financial yearExcept for the areas mentioned above, the accounting policies have been applied consist­ently with the previous year. The company has changed its financial year from 01.01 - 31.12 to 01.04 - 31.03. The first financial year after the change is the period 01.01.25 - 31.03.26. The change has been made as result of establishing a new group affiliation. The comparative figures are therefore not comparable since the financial information for the comparative year are for 12 months and the current year is for 15 months.Classification adjustments in the balance sheet Comparative figures related to prepayments from customers have been adjusted with DKK 12,236k as a corresponding amount was classified as trade payables prior year.Comparative figures related to other receivables have been adjusted with DKK 31.602k as a corresponding amount was classified as trade receivables prior year.The adjustments does not effect the result, the total assets and liabities or the total equity. Change in the composition of activitiesThe Company has completed a merger with its parent company, Sell Side MidCo ApS, with GoGift A/S as the continuing entity. The Company has applied the Group method in the merger, whereby the carrying amounts of assets and liabilities are based on the group’s values, corresponding to the values that would have been applied if the merging parent company had prepared consolidated financial statements. The goodwill (positive difference) determined at the date of acquisition and recognised as goodwill in the balance sheet as described under the section "business combinations" as well as other adjusted values from the purchase-price-allocation has been recognised directly in equity as a consequence of the merger and the applied group-method. Basis of recognition and measurementIncome is recognised in the income state­ment as earned, including value adjust­ments of fin­an­cial assets and liabilities. All ex­penses, including depreciation, amortisa­tion, impair­ment losses and write-downs, are also recognised in the in­come state­ment.Assets are recognised in the balance sheet when it is probable that future economic bene­fits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below.On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. BUSINESS COMBINATIONSNewly acquired or newly founded enter­prises are recognised as from the date of acquisition and the date of foundation, respectively. The date of acquisition is the date at which control of the enterprise is obtained. Divested or discontinued enterprises are recognised until the date of divestment or discontinuation. The date of discontinuation is the date at which control of the enterprise passes to a third party.Acquired enterprises are recognised in accordance with the acquisition method, according to which the identifiable assets and liabilities of the newly acquired enterprises are measured at fair value at the date of acquisition.The identifiable assets and liabilities were valuated based on Management’s judgement and on a review of the accounted values as of the closing balance date, adjusted for added fair value. As part of the judgement accounting estimates related to deferred revenue were reevaluated and recognised as part of accounted values in the purchase-price-allocation. As such, theese changes did not effect the result or equity. The goodwill (positive difference) determined at the date of acquisition is recognised as goodwill in the balance sheet.Goodwill arising from acquired enterprises may be adjusted within 12 months after the acquisition date and is amortised over 20 years. CURRENCYThe annual report is presen­ted in Danish kroner (DKK).On initial recognition, transactions den­ominated in foreign currencies are trans­lated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the ex­change rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or ex­penses in the income statement. Fixed assets, inventories and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates. LEASESLease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term. Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, cost of goods sold and other external expenses. RevenueThe Company has chosen IFRS 15 as interpretation for revenue recognition and measurement.Revenue through the Company’s online platform relating to customers purchase and redeem of third-party gift cards, is by Management assessed that the Company acts as agent and the third-party being the principal. The gross revenue received from the customer less the amount paid to the third-party service providers is recognized as revenue.Sale of gift cards are initially recognised as deferred income and subsequently recognised as revenue over the redemption period, including the expected amount of not redeemed gift cards (breakage).When consideration is received before control is transferred it is recognised as a contract liability and presented as deferred income. Deferred income relating to gift cards is assessed for gift cards which are not expected to be redeemed (breakage). Breakage is recognized over the redemption period based on expectations of how many gift cards that will not be redeemed.Revenue from sale of physical goods is recognised at point in time when control is transferred, usually when the goods are delivered, net of discounts as the performance obligation has been satisfied.Revenue is measured excluding VAT and taxes and including all types of discounts provided to customers. Cost of salesCost of sales includes the cost of goods used in generating the year's revenue, where the Company acts as principal. Other external expensesOther external expenses comprise costs re­lating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal write-downs. Staff costsStaff costs comprise wages and salaries as well as other staff-related costs. De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment lossesThe de­pre­ci­a­tion and amor­ti­sa­tion of in­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment aim at systematic de­pre­ci­a­tion and amor­ti­sa­tion over the expected useful lives of the assets. Assets are de­pre­ci­ated and amor­tised according to the straight-line method based on the following ex­pected useful lives and residual values:Goodwill is amortised over 20 years. The use­ful life has been determined in considera­tion of the expected future net earnings of the enterprise or activity to which the goodwill relates.The basis of de­pre­ci­a­tion and amor­ti­sa­tion is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of de­pre­ci­a­tion and amor­ti­sa­tion is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually.In­tan­gi­ble as­sets and prop­er­ty, plant and equip­ment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Other net financialsInterest income and interest expenses, for­eign exchange gains and losses on trans­ac­tions denominated in foreign currencies etc. are recognised in other net financials. Tax on profit/loss for the yearThe current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity.The company is jointly taxed with Danish consolidated enterprises. In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their tax­able incomes. This means that enter­prises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. Intangible assetsCompleted de­vel­op­ment projectsDevelopment projects are recognised in the balance sheet where the project aims at developing a specific product or a specific process, intended to be produced or used, respectively, by the company in its production process. On initial recognition, development projects are measured at cost. Cost comprises the purchase price plus expenses resulting directly from the purchase, including wages and salaries directly attributable to the development projects until the asset is ready for use. Other development projects and development costs are recognised in the income statement in the year in which they are incurred.Development projects are subsequently measured in the balance sheet at cost less accumulated amortisation and impairment losses.Completed development projects are amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.Acquired rightsAquired rights are measured in the balance sheet at cost less accumulated amortisation and impairment losses.Acquired rights are amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section.GoodwillGoodwill is measured in the balance sheet at cost less accumulated amortisation and impairment losses.Goodwill is amortised using the straight-line method based on useful lives, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses’ section. Property, plant and equipmentProperty, plant and equipment comprise leasehold improvements og plant and machinery.Property, plant and equipment are meas­ured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost.Property, plant and equipment are depreci­ated using the straight-line method based on useful lives and residual values, which are stated in the ‘De­pre­ci­a­tion, amor­ti­sa­tion and impair­ment losses' section.Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Impairment on fixed assetsThe carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in de­pre­ci­a­tion and amor­ti­sa­tion.If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment.If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets.The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount.The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives.Impairment losses are reversed when the reasons for the impairment no longer exist. Impairment losses on goodwill are not reversed. InventoriesInventories are measured at cost calculated according to the FIFO-method. Inventories are written down to the lower of cost and net realisable value.The cost of raw materials and consumables as well as goods for resale is determined as purchase prices plus expenses resulting directly from the purchase.The net realisable value of inventories is determined as the selling price less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and the expected development in the selling price. ReceivablesReceivables are measured at amortised cost, which usually corresponds to the nom­inal value, less write-downs for bad debts.Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable. PrepaymentsPrepayments recognised under assets com­prise costs incurred in respect of subse­quent financial years. CashCash includes deposits in bank accounts. EquityOther reserves (reserved for development costs)An amount equivalent to internally generated development costs in the balance sheet is recognised in equity under reserve for development costs. The reserve is measured less deferred tax and reduced by amortisation and impairment losses on the asset. If impairment losses on development costs are subsequently reversed, the reserve will be restored with a corresponding amount. The reserve is dissolved when the development costs are no longer recognized in the balance sheet, and the remaining amount will be transferred to retained earnings. Current and deferred taxCurrent tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account.Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet.Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill, which is non-amortisable for tax purposes and other items where temporary differ­ences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the tax­able income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability.Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings.Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. PayablesShort-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. Prepayments received from customersPrepayments received from customers com­prise amounts received from customers prior to the time and date of delivery of the agreed product or completion of the agreed service. Deferred incomeDeferred income under liabilities comprises payments received in respect of income in sub­sequent financial years. Referring to section 86(4) of the Danish Fi­nancial Statements Act a cash flow state­ment has not been prepared as the enter­prise is included in the consolidated cash flow statement.